Applying decal to sphere
Thank you for your help and time. I actually found the answer to my question on my own. The way to animate the image on the sphere. (Going around the sphere as I intended) is to add a multi-res to the sphere, and to apply the shrink-wrap mod to the plane. Then I set the plane's origin to the center of the sphere so that the image can be moved around the sphere. It will look like it is on the sphere though, and thus solves my problem.